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Court Nullifies Gwarzo’s Suspension as SEC DG



  • Court Nullifies Gwarzo’s Suspension as SEC DG

The National Industrial Court in Abuja on Thursday nullified the suspension of Mounir Gwarzo as the Director-General of the Securities and Exchange Commission.

In his judgment, Justice Sanusi Kado, described Gwarzo’s suspension by the then Minister of Finance, Mrs Kemi Adeosun, on November 29, 2017, as illegal, null, void and of no effect.

He said the minister only had supervisory power over SEC which did not include disciplinary power to suspend the director-general of the body.

Ordering the immediate reinstatement of the SEC boss, Justice Kado held that the minister lacked the power to suspend him.

The judge also held that the Administrative Panel of Inquiry set up by the minister to investigate allegations of financial impropriety against Gwarzo was neither a court of law nor was it a quasi-judicial body.

He held that it was merely a body set up for fact-finding, and set aside the recommendations of the Administrative Panel of Inquiry.

After ordering Gwarzo’s reinstatement, the judge ordered that the claimant’s salaries, allowances and entitlements accrued to him in the period of his suspension must be paid to him in full.

Gwarzo had in his suit urged the court to, among others, declare that his appointment as SEC’s director-general, in strict compliance with the provisions of Section 5(1) & (2) of the Investments and Securities Act 2007 “is valid, legal and subsisting.”

He also sought a declaration that the letter of the second defendant (Minister of Finance) “has no power ab initio to have by the letter dated November 29, 2017 caused the claimant to cease holding office as Director-General, Securities and Exchange Commission contrary to the provision of Section 8(1) and (2) of the Investments and Securities Act 2007.”

He also urged the court to declare that “the Public Service Rules 03405 and 03406 respectively relied upon by the 2nd defendant in carrying out the purported suspension of the claimant as Director-General, Securities and Exchange Commission are not in existence and cannot cloth action of the 2nd Defendant with validity and legality.”

He also urged the court to declare “that the Administrative Panel of Inquiry set up by the 2nd defendant is biased, partial and against the principle of natural justice.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Insider Dealing: Paul Miyonmide Gbededo Adds Another 612,326 Shares of Flour Mills to His Stake



Paul Miyonmide Gbededo, the Group Managing Director, Flour Mills of Nigeria Plc bought an additional 612,326 shares of the company.

The management stated this in a disclosure statement sent to the Nigerian Stock Exchange on Monday.

The managing director purchased the shares at N27.75 per share on November 20, 2020 at the Nigerian Stock Exchange in Lagos, Nigeria. Meaning, Gbededo has invested another N16,992,046.5 into the company.

This was in addition to the 3,284,867 shares valued at N91,642,269 and 4,200,852 shares worth N117.62 million purchased by Gbededo earlier in the month of November. Bringing his recent purchases to 8,098,045 million shares worth N226,254,315.5. See the details of the latest transaction below.


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FCMB Reports 16.4 Percent Increase in Profit After Tax in Q3 2020




FCMB Group Plc, one of the leading financial institutions in Nigeria, reported a 16.4 percent increase in profit after tax for the third quarter of the year.

In the unaudited financial statements released through the Nigerian Stock Exchange (NSE), the lender’s profit before tax grew by 10.2 percent year-on-year to N4.8 billion while profit after tax increased by 16.4 percent to N4.2 billion.

FCBMB Group Plc expanded gross earnings by 4.8 percent to N48.3 billion during the period under review. Similarly, the bank’s net interest income rose by 30.03 percent year-on-year to N22.7 billion.

The strong performance continued across the board as net fee and commission income increased by 0.29 percent to N5.2 billion. Net trading income rose by 39.4 percent year-on-year to N1.82 billion.

Personnel expenses dropped by 7.9 percent to N6.9 billion during the quarter while general and administrative expenses declined by 7.52 percent year-on-year to N7.6 billion. Largely due to the COVID-19 lockdown.

Loans and advances to customers rose by 10.8 percent to N793.14 billion between December 2019 and September 2020. Total desposits from customers during the same period grew by 26.7 percent to N1.2 trillion.

The bank’s total assets increased by 22.12 percent to N2.04 trillion.

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Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary



stanbic IBTC Insurance

Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”


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